China Reduces Oil Product Retail Prices As Crude Prices Drop

By Tsvetana Paraskova China will be reducing the retail prices of gasoline and diesel by US$12.29 (85 yuan) per ton effective Wednesday, to reflect the lower international crude oil prices, the National Development and Reform Commission (NDRC) said on Tuesday. The lowered prices of gas and diesel is the second price cut by China’s top economic planner this year, as per its pricing policy to adjust domestic oil product prices in case international crude oil prices drop or rise by more than US$7.232—the equivalent of 50 Chinese yuan—per ton in a period…

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